The paper says it has “dealt a blow to the Remain campaigners Project Fear doom and gloom predictions”.

The Financial Times also carries the story, with the headline: “Busy factories fuel pro-Brexit MPs’ claims of Treasury scaremongering.”

“The figures showed activity in Britain’s factories hit a 10-month high in August, the latest sign that the economy may be recovering its poise after the initial shock of June’s Brexit vote.”

According to the paper, Barclays analysts say business nerves have been settled by the “speedy formation” of Theresa May’s government, the interest rates cut and a signal that the chancellor will ease austerity.

However, the FT adds that Philip Hammond told colleagues it was “too early” to say whether the economy had emerged in good shape after the Brexit vote and he was awaiting further economic data.

Remember this letter to the Economist

Peggy Noonan summed up nicely the situation behind the rise of populism in America and Europe in her recent essay, “How Global Elites Forsake Their Countrymen”. For Ms Noonan, “Those in power see people at the bottom as aliens whose bizarre emotions they must try to manage”.